Nippon Oil Corporation (5001.T) and Sanyo Electric Co., Ltd. (6764.T) are exploring the possibility of a joint company to develop thin-film solar cells.
Sanyo currently makes crystalline solar cells, but is looking to raise funding to expand its development of thin-film solar cells, which require far less silicon to produce.
Nippon Oil has expressed interest in diversifying into the solar business.
The two companies will continue negotiations with a goal of creating a joint venture in April 2009 and sending thin-film solar cells to the market by March 2011.
Sanyo is the world’s largest rechargeable battery maker and the seventh-biggest solar cell provider, according to Reuters. The company competes with bigger rivals, such as Germany’s Q-Cells (QCEG.DE), Japan’s Sharp Corp (6753.T), and Suntech Power Holdings Co Ltd (STP.N) of China.
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